FY2025 Financial Briefing Material

FY2025 Financial Briefing Material

May 8, 2026 JMDC Inc.

Section 1 Summary

2

FY2025: Performance Highlights

Growth was driven by the core Healthcare-Big Data Business, with both revenue and EBITDA showing steady performance.

Consolidated Revenue

(Million JPY)

50,462

Y-o-Y

+21％

Healthcare-Big Data

Y-o-Y

Transaction volume by data utilization area

For Industry

+23％

Revenue EBITDA

+24％ +23％

For Payers/ Individuals

For Medical Service Providers

+16％ +30％

Consolidated EBITDA

(Million JPY)

13,178

Y-o-Y

+21％

Tele-medicine

Y-o-Y

Revenue EBITDA

+4％ +8％

Number of People in Contracted Payer

20.76 million people

Number of Pep Up IDs

8.03 million people

3

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses

[Reference] FY2025: Business Segments of JMDC Group

Healthcare-Big Data Business continues to expand across all three business segments, business for Industry, for Payers/Individua ls, and for Medical Service Providers. Tele-medicine Business maintains high profitability and sustainable growth, supported by steady deman d.

Business Outline

For Industry

Data utilization service for pharmaceutical companies, insurance companies, etc.

For Payers and Individuals

Data analysis for health insurance unions, provision of "Pep Up," an ICT product for health insurance union members, and services for local governments

For Medical Service Providers

Medicine DB, data analysis for medical institutions, management consulting/finance, web-based medical inquiries, system for attracting patients/taking reservations

Provision of remote diagnostic imaging service

Summary of FY2025

• In the pharmaceutical domain, Sales & Marketing and R&D domains remained robust. On the other hand, the Medical domain performed sluggishly due to data processing delays and the strategic reallocation of sales resources toward Marketing.

• In the life and non-life insurance domain, the business returned to a growth trajectory, as initiatives to stimulate demand and the expansion of development projects proved successful. This has established growth momentum heading into the next fiscal year.

• In the business for health insurance unions, growth was sustained as customer acquisition and Pep Up implementation remained steady.

• For local governments, both the expansion of business scale and the accumulation of data progressed in tandem, establishing a solid business foundation.

• Driven by a sustained increase in the number of hospitals adopting our data platform services and strategic alliances with electronic medical record (EMR) providers, our data assets have expanded rapidly to reach the largest scale.

• High-value-added services such as consulting and financing for

  medical institutions also remained strong.

• Furthermore, the Smart Clinic business continued its expansion.

• Maintain high profitability due to solid demand and strengthened operations 4

FY2026: Performance Forecast

In FY2026, we will continue to achieve growth in both revenue and profit across all business portfolio, centered on the susta ined growth of the Healthcare-Big Data Business. We have positioned this year to promote the construction of a robust earnings base for sustainable profit expansion by accelerating strategic investments in AI, including human resources and data infrastructure, in addition to strengthening our sales capabilities.

FY2026 Consolidated

Performance Forecast Preconditions of forecast

(vs. FY2025 growth rate)

60.5 bil JPY

(+20%)

11.5 bil JPY (19%)

(+9%)

15.0 bil JPY (25%)

(+14%)

• The Healthcare-Big Data Business continues to grow across all business

  areas, with a particular focus on the business for Industry.

• Tele-medicine Business is growing steadily, supported by resilient demand, while maintaining high profitability.

• Future M&A not factored in.

• We will invest in strengthening our sales capabilities and data infrastructure to decisively outperform competitors in the short term.

• Furthermore, to achieve medium-term business growth, we are developing our AI infrastructure, including human resources and data infrastructures, and strengthening our organizational structure to support further expansion.

  Profit attributable to owners of parent (continuing operations)

  (Rate)

7.1 bil JPY (12%)

(+5%)

• Factoring in corporate taxes calculated logically.

• No concerns about goodwill impairment, not factored in.

5

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2025 and FY2026: Management Viewpoints

In order to further deepen the understanding of shareholders, investors and other stakeholders, we will provide management viewpoints.

Q. How do you evaluate the full-year financial results for FY2025?

• While revenue generally remained in line with our guidance, we regret to report that profits fell short of the plan.

• The factors behind the gap between actual profit and our initial forecast are as follows;

  In the Healthcare-Big Data Business, performance in the business for Industry, particularly for the medical departments of pharmaceutical companies, was weak. This was due to delays in data processing for new data and the allocation of sales resources. In particular, although the volume of elderly data expanded steadily, data processing required more man-hours than expected, and we fell short of the anticipated revenue growth.

  Furthermore, as business for marketing departments of pharmaceutical companies was strong, we focused our sales resources on that area. Consequently, activities for medical departments became insufficient, leading to some missed business opportunities. Based on these reflections, we will replenish our sales resources in the new fiscal year and strengthen our efforts, including those for medical departments.

• Regarding our data assets, we have achieved the largest volume of data for both elderly data and DPC data. By reinforcing our sales activities, we will further accelerate our growth.

Q. How do you perceive the market environment surrounding the health tech industry?

• In the health tech industry as a whole, excessive expectations from the COVID-19 pandemic are gradually fading, and we are currently in the "trough of disillusionment" of the so-called "Hype Cycle," where industry consolidation and exits are leading to a market selection process. Amidst this environment, JMDC has tripled both its payer data volume and revenue over the past five years, establishing a unique position within the health tech sector. We have built a solid foundation to overcome this period of disillusionment and continue growing. Moving forward, we will absorb business opportunities from companies that are phased out during this selection process to further our growth, while preparing for the long-term opportunities where health tech will deliver its true impact.

Q. What is your assessment of the impact that transformative market shifts, particularly advancements in AI, will have on your business?

• Overall, we believe that the evolution of AI will have a positive impact on JMDC's business.

• Some concerns have been raised regarding the evolution of AI, specifically that (1) synthetic data might render big data obsolete, and (2) our consulting and analytical services could be replaced by AI. However, we believe the scope for synthetic data is limited, as the utilization of healthcare data, including academic applications, requires high reliability as evidence. Furthermore, we anticipate that AI will actually act as a driver to accelerate our consulting and analytical services. In fact, AI has lowered the barriers to analysis and significantly accelerated the hypothesis-testing cycle. This has streamlined discussions and proposals for our client companies, leading to an expansion of project seeds. We are also seeing a growing volume of inquiries for new business opportunities created by combining JMDC's data with data held by companies in different industries.

• In this sense, data is not something to be replaced by AI. Instead, it is as essential as semiconductors or electricity for maximizing the value that AI brings, and we believe this will significantly expand our business opportunities.

Q. What is your outlook for FY2026?

• We view the current period as a critical time to solidify our foundation for future growth. First, while strengthening resources for data utilization and new data acquisition, we

will further solidify our competitive advantage in our existing data businesses. Furthermore, considering major industry shifts and the evolution of AI, we believe it is the right 6

timing to accelerate AI-related investments, including human resources and infrastructure, for medium-term business growth. As a result of these initiatives, the profit margin

will temporarily fall below expectations. However, this does not represent a structural change in the profitability of our business model.

FY2025: Shareholder Return

With an awareness of the need to both secure investment capacity and return profits to shareholders, the Company will pay a d ividend of JPY18 per share for the current fiscal year. The dividend forecast for FY2026 has not yet been determined. The level of share holder dividends will be determined in consideration of future business performance trends, financial conditions, and other business results.

FY2025 FY2026 (Forecast)

March 31, 2026

JPY18

JPY1,177 million

March 31, 2027

To be determined

June 8, 2026

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Section 2 FY2025 Performance Report

8

FY2025: Summary of Consolidated Performance

Both revenue and profit expanded steadily.

(Unit: Million JPY) FY2024 FY2025 Y-o-Y

41,722 50,462 +21%

8,717

(21%)

Profit before taxes

(Rate)

8,510

(20%)

7,275

10,521

(21%)

9,964

(20%)

6,765

+21%

+17%

-7%

10,932

(26%)

13,178

(26%)

+21%

9

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2025: Quarterly Consolidated Revenue/EBITDA

We have maintained growth in both revenue and profit by expanding our core Healthcare -Big Data Business. However, in this Q4, revenue and

EBITDA growth momentum fell short of our initial expectations due to progress delays in services for pharmaceutical companies .

Quarterly Trends of Consolidated Revenue

(Unit: Million JPY)

EBITDA

Margin

Quarterly Trends of Consolidated EBITDA/margin

(Unit: Million JPY and %)

33 27 25

EBITDA

9,803

10,451

11,075

+ 15%

13,407

12,355

10,725

13,973

+ 6%

12,099

4,157

3,496

8,233

3,312

8,096

3,215

2,831

2,831

3,138

3,256

6,756

5,779

2,267

1,603

1,563

1,649

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

FY2023

FY2024

FY2025

FY2023

Full-year EBITDA margin

FY2024

Full-year EBITDA margin

FY2025

Full-year EBITDA margin

29%

26%

26%

10

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

FY2025: Status of Consolidated EBITDA

Regarding consolidated EBITDA, although progress had been steady through Q3, the full -year results fell short of expectations. This was due to one-time impacts from addressing challenges that arose alongside the expansion of data assets, as well as missed opportunities i n some projects for the medical departments of pharmaceutical companies.

Y-o-Y Comparison of Consolidated EBITDA

(Unit: Million JPY)

10,932

13,178

Profit results fell short of our initial forecast due to the following factors;

• Temporary impacts from data processing and insufficient engagement with medical departments: Total of JPY0.92 billion

• Growth investments, including new business development for pharmaceutical companies and AI investment: Total of JPY0.4 billion

FY2024 Initial Forecast Impact of the

business for pharmaceutical medical departments

Growth Investments

FY2025

11

FY2025: Performance by Segment

The high growth of the Healthcare-Big Data Business and the high profitability of the Tele-medicine segment are driving sustained growth.

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

[Reference] FY2025: Revenue/EBITDA by Segment

The core Healthcare-Big Data segment generates more than 80% of the Group's revenue and EBITDA. The Tele-medicine segment continues to maintain high profitability and generate stable profits.

Revenue EBITDA/EBITDA Margin

Tele-medicine

JPY6,392m

JPY50,462m

Healthcare-Big Data

JPY44,070m

Tele-medicine JPY2,407m

38%

JPY13,178m

(including "Adjustment"

-JPY952m)

EBITDA margin 26%

Healthcare-Big Data JPY11,722m

27%

13

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

Section 3 Healthcare-Big Data Business

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JMDC's Healthcare Big Data Platform

JMDC will support the evolution of medicine by accumulating diverse healthcare data in Japan and building an environment enabling any player in the healthcare industry to use the data.

Use data Use data

Payers

Calculate disease incidence rate

Medical institutions

life and non-life insurances

Pharmaceutical

Provide data

Analyze patient behavior

Analyze

JMDC's Health

Big Database

Study epidemiology data

Estimate

Provide data

Doctors

companies

Dispensing pharmacies

regional medicine network

and analyze patient count

Business owners

Individuals

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Healthcare-Big Data Business: Quarterly Business Performance

In this Q4, overall growth continued as the expansion of other business domains offset the sluggish performance of the busine ss for Industry. However, profitability has temporarily declined due to one-time challenges in the data processing workflow for providing data to pharmaceutical medical departments, as well as a shortfall in sales activities resulting from the reallocation of resources toward sales for marketing departments.

Quarterly Trends of Revenue Quarterly Trends of EBITDA

(Unit: Million JPY) (Unit: Million JPY)

+ 17%

12,440

11,735

10,617

10,692

9,517

9,201

8,409

8,904

6,814

6,606

5,337

4,497

+ 3%

3,779

2,928

3,063

3,142

2,741

2,881

2,464

2,449

1,919

1,294

1,197

1,301

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2023

FY2024

FY2025

FY2023

FY2024

FY2025

16

Note: IFRS-based

EBITDA: Operating profit + Depreciation and amortization costs ± Other profits and/or losses, EBITDA margin: EBITDA/Revenue

Healthcare-Big Data Business: Business Domains

Each of our businesses-for Industry, for Payers/Individuals, and for Medical Service Providers-continues to grow in a well-balanced manner.

Business Overview

Healthcare-Big Data Business Size

(FY2025 results)

Growth rate

(Unit: Million JPY)

Provide data services and strategic consulting for the industry segment, including pharmaceutical and insurance companies

Develop health business support services for health insurance unions and local governments, and operate Pep Up

Provide data infrastructure and high-value-added services for hospitals and clinics

16,355

10,889

17,203

+ 23%

+ 16%

+ 30%

17

Note: Each business size value represents a simple sum for business management purposes. No adjustment was made to inter-segment transaction adjustment values.

For Industry: Business Status

Looking at the annual trend, the business for Industry progressed steadily. However, in this Q4, it did not reach the level o f growth we had expected.

Yearly Revenue Trends of Business for Industry Quarterly Revenue Trends of Business for Industry

(Unit: Million JPY) (Unit: Million JPY)

+ 8%

4,953

4,415

4,080 4,078

3,507

3,623

3,639

3,347

2,510

2,434

2,697

1,916

+ 23%

16,355

13,290

11,557

9,578

6,604

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY2023

FY2024

FY2025

FY2021 FY2022 FY2023 FY2024 FY2025

18

LTM: Last Twelve Months (the past 12 months from the latest quarter)

[Reference] For Industry: Status of Up-selling

Regarding the business for Industry as a whole, we are making steady progress in shifting from the simple provision of data t o higher value-

added services, such as consulting, analysis, and solution.

Status of Up-Selling (Revenue by Service)

Solution

Consulting Analysis

DB

Data

13,290

2,595

4,290

6,404

FY2024

16,355

3,735

5,932

6,687

FY2025

(Unit: Million JPY)

• Expansion of data-driven system development and solution offerings for other enterprises, including those in different industries.

• Sustained growth in consulting services leveraging data and database analysis, with the initiation of AI-powered services.

• Provision of data and databases continues to grow stably, supported by increasing market adoption.

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For Payers, Individuals: State of Business

The Business for Payers/Individuals is growing steadily. In addition to our services for health insurance unions, the busines s for local

governments is also expanding rapidly in scale.

Quarterly Revenue Trends of Business for Payers/individuals

(Unit: Million JPY)

Yearly Revenue Trends of Business for Payers/Individuals

(Unit: Million JPY)

+ 19%

3,528

3,132

3,170

2,653

2,402

2,017

2,198

1,789

1,403

940

1,101

547

+ 16%

10,889

9,388

For Other clients

For Local

governments

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2,848 3,032

4,605

For Health insurance unions and Mutual aid associations

FY2023

FY2024

FY2025

FY2021 FY2022 FY2023 FY2024 FY2025

20